May 6, 2024 - Economy

­čܬCharted: ETF flows

Column chart showing Net flows of Bitcoin ETFs weekly from Jan. 8, 2024, to April 29, 2024. The highest during this time period was February 26 when it hit $2.1 billion. The week of April 29, it was -$899 million.
Data: hildobby's Dune; Chart: Tory Lysik/Axios Visuals

Bitcoin ETFs hit the skids last month as the price of the world's largest digital asset did the herky-jerky.

What's happening: Flows turned negative ÔÇö last week, the group saw $899 million of outflows, according to Hildebert Mouli├ę's Dune dashboard.

Of note: There is a gray, er, silver lining in that cloud.

  • Grayscale Investments' GBTC recently broke its streak of outflows.
  • It remains the largest bitcoin ETF with BlackRock's iShares Bitcoin Trust (IBIT) closing in, but still second to GBTC in terms of assets under management.

­čĺş Crystal's thought bubble: It's not the beginning of the end, though some seem to think that a seasonal investment maxim ÔÇö sell in May and go away ÔÇö is in play.

  • Reality check: Flows move with performance, so if bitcoin continues to post gains, fresh money will likely return too.

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